Cost of Living in Greenwood, NE

With a cost of living index of 81, Greenwood, NE is a very affordable place to live. Living here is 19% cheaper than the national average and 9% above the Nebraska state average of 72. Greenwood is a small community of 511 residents.

Housing costs are the biggest factor in Greenwood's cost of living. The median monthly rent is $1,152 (13% below the US median of $1,319), and the median home value sits at $169,200 (45% below the national median of $304,900). At current prices, the median home costs roughly 1.7x the median household income — well within traditional affordability guidelines.

The median household income in Greenwood is $99,000, which is 32% higher than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Greenwood. The area sees an average annual temperature of 51.2°F, with summers averaging 74°F and winters around 27°F. Annual rainfall totals 32.3 inches spread over roughly 111 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Omaha, NE-IA (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.